State of New Jersey Common Pension Fund D Sells 28,002 Shares of Webster Financial Co. (NYSE:WBS)

State of New Jersey Common Pension Fund D decreased its position in Webster Financial Co. (NYSE:WBS) by 36.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,280 shares of the financial services provider’s stock after selling 28,002 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Webster Financial were worth $2,105,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in WBS. BNP Paribas Financial Markets lifted its holdings in Webster Financial by 156.5% during the first quarter. BNP Paribas Financial Markets now owns 96,052 shares of the financial services provider’s stock worth $4,877,000 after acquiring an additional 58,602 shares during the period. Sound Income Strategies LLC raised its stake in shares of Webster Financial by 1,859.1% during the 2nd quarter. Sound Income Strategies LLC now owns 15,692 shares of the financial services provider’s stock worth $684,000 after purchasing an additional 14,891 shares during the period. Norges Bank purchased a new position in shares of Webster Financial in the 4th quarter worth about $97,217,000. Jupiter Asset Management Ltd. bought a new position in Webster Financial during the first quarter valued at about $3,529,000. Finally, Franklin Resources Inc. increased its holdings in Webster Financial by 33.4% during the fourth quarter. Franklin Resources Inc. now owns 119,730 shares of the financial services provider’s stock worth $6,077,000 after buying an additional 29,956 shares during the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on WBS shares. Morgan Stanley cut shares of Webster Financial from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $54.00 to $57.00 in a research note on Monday, August 5th. Jefferies Financial Group dropped their price objective on Webster Financial from $56.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. decreased their target price on Webster Financial from $63.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Keefe, Bruyette & Woods dropped their price target on Webster Financial from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Finally, Royal Bank of Canada dropped their price objective on shares of Webster Financial from $54.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Webster Financial currently has an average rating of “Moderate Buy” and an average target price of $55.36.

Insiders Place Their Bets

In related news, insider Charles L. Wilkins sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $49.07, for a total transaction of $245,350.00. Following the transaction, the insider now directly owns 45,157 shares of the company’s stock, valued at approximately $2,215,853.99. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Charles L. Wilkins sold 5,000 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $49.07, for a total transaction of $245,350.00. Following the transaction, the insider now owns 45,157 shares of the company’s stock, valued at approximately $2,215,853.99. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO John R. Ciulla sold 8,000 shares of Webster Financial stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.04, for a total transaction of $384,320.00. Following the completion of the transaction, the chief executive officer now owns 237,049 shares in the company, valued at approximately $11,387,833.96. The disclosure for this sale can be found here. Insiders sold a total of 14,650 shares of company stock valued at $706,098 over the last 90 days. Insiders own 0.88% of the company’s stock.

Webster Financial Stock Performance

Webster Financial stock opened at $48.04 on Friday. The firm has a market capitalization of $8.24 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 0.67 and a beta of 1.28. Webster Financial Co. has a 1-year low of $36.36 and a 1-year high of $53.39. The firm’s 50 day simple moving average is $46.10 and its 200 day simple moving average is $45.66. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.44.

Webster Financial (NYSE:WBS) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.08). Webster Financial had a net margin of 19.81% and a return on equity of 11.81%. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $671.91 million. During the same period in the prior year, the business earned $1.50 earnings per share. As a group, analysts expect that Webster Financial Co. will post 5.27 earnings per share for the current fiscal year.

Webster Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 8th. Shareholders of record on Monday, July 29th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, July 29th. This represents a $1.60 dividend on an annualized basis and a yield of 3.33%. Webster Financial’s payout ratio is 32.79%.

Webster Financial Company Profile

Webster Financial Corporation operates as the bank holding company for Webster Bank, National Association that provides a range of financial products and services to individuals, families, and businesses in the United States. It operates through three segments: Commercial Banking, HSA Bank, and Consumer Banking.